Interesting day ahead : we can partially blame RBI governor for market crash yesterday, (he suddenly decided to come online n said interest rate hikes and it crashed the market) . The US markets did very well as they hiked Interest rates by 50 basis points instead of 75 as predicted by some people earlier. US markets rallied big time to 3 percent jump in all major indices. SGX nifty is also very positive at this moment in the morning. So I'm expecting markets to recover today may 5th Thursday. Generally if US markets do well, SGX and Indian markets do well. So i m hoping slight recovery today.
Supports i see : 17,500 in nifty is a big psychological support. Banknifty 35000, 34900, 34825.
Caution : FIIs selling in the afternoon session. If they start selling,, all these indicators n levels are not much of value. Watch around 1:30 pm onwards. That's when they start selling.
They have also not subscribed for LIC IPO , it shows they r not interested to invest in India for now. That's another reason I think FIIs may continue to sell.